Identify the normative statement out of the following statements. 1) Sri Lanka has reported a negative economic growth in year 2020 2) When the price of a normal good increases, its quantity demandedgoes up 3) It is the responsibility of the government to offer free education and health. 4) Law of diminishing returns decide the behavior of short run cost of productic 5) Trade deficit has decreased in the year 2020.

Identify the normative statement out of the following statements. 1) Sri Lanka has reported a negative economic growth in year 2020 2) When the price of a normal good increases, its quantity demandedgoes up 3) It is the responsibility of the government to offer free education and health. 4) Law of diminishing returns decide the behavior of short run cost of productic 5) Trade deficit has decreased in the year 2020.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6CQQ

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